The Naira experienced a notable appreciation against the U.S. dollar in the parallel market on Monday, coinciding with Donald Trump’s inauguration as the 47th President of the United States.
According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira strengthened to ₦1,665 per dollar, up from ₦1,680 recorded last Friday. This represents a gain of ₦15 in the parallel market as trading resumed for the week.
Conversely, in the official foreign exchange market, the Naira showed a slight depreciation. Data from FMDQ indicated that the Naira fell to ₦1,550.05 per dollar on Monday, down from ₦1,547.58 on Friday, marking a marginal decline of ₦2.47.
In summary, the local currency strengthened in the black market but weakened slightly in the official market on the first trading day of the week.
Meanwhile, Donald Trump was sworn in as President on Monday, beginning his administration with a series of executive orders announced during his inaugural address, signaling a bold start to his tenure.
